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. >> if there is anything we learned from europe, it is that this kind of austerity, spending cuts, will push the economy into negative growth. >> reporter: the total tax hike and spending cuts hit on california's economy alone would be some $$90 billion. reporting live, tom baker, ktvu. >>> on wall street today, trading was relatively flat. the dow fell .31. the nasdaq fell and the s & p 500-inched up a little less than a point. >> kodak reached a financing deal to take it out of bankruptcy. it would allow them to borrow $793 million and sell its patent fort you'll to for $500 million. it needs bankruptcy approval. they filed for bankruptcy protection in january while struggling to compete with the digital photography industry. >>> this 56 year old grandmother is not someone to be messed with. what she fought off with her bare hands and an axe. >> they come from thousands of miles away and pay a lot to go to college. where they are coming from. and you live way up here. brian, your cousin, he's a little bit older than you, he lives here, in chicago. and your aunt lisa lives here, in baltimore. uncle ear
, the u.s. economy could stall or -- >> you could see a recession. >> reporter: now that we know -- >> i hope not. >> it is us who have to pressure those people representing us. >> they should be more in tune with what americans need. >> sit down and come to an agreement. >> reporter: with congressional positions more hardin now, is there -- hardined now, is there still time? consumer editor tom vacar, ktvu channel 2 news. >>> on wall street today, stocks tumbled. the dow is down 312 to 12,932. the nasdaq is down 74 at 2,937. the s&p is down 33 at 1,394. >>> apple shares, the stock is down more than 20% from its record high. there is growing uncertainty about competition, management and supply chain issues. managers say they may stop putting cash into apple when the rest of the market goes sour. >> happening now, police are searching for a man who is armed with a gun. news chopper 2 shot these pictures. officers converged on the kennedy park neighborhood. police say two men got into a fight and then one of them had a gun. authorities are searching the neighborhood. >>> at&t is making a
held a solo news conference. he said priority number one is to grow the economy and create jobs. >> as i have said before, i'm open to compromise and i'm open to new ideas. i have been encouraged to hear republican after republican agree on the need from more revenue from the wealthiest americans as part of our math if we are going to be serious about reducing the deficit. >> the president said he wants to raise taxes on those making more than $250,000 a year. >> >> investors showed little confidence that there will be a come prom in avoiding the fiscal live. >>> facebook shares rallied on a day that wall street thought they would plummet. -- >> you have a chance to attend president obama's inauguration in in 2013. online requests for an inauguration ticket scheduled january 21st, you can request two tickets, but only online on the congressional members website. a random lottery december 13th will determine who gets the tickets. >> >> in 25 minutes, more fallout on the david petraeus sex scandal >> the president's first comments. . >> israel unleashed a blistering offensive on g
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